Applied Data Finance (ADF) closed $145 million in equity and debt financing. MAI Capital Management, Victory Park Capital Advisors and Park Cities Asset Management served as the primary participants in the transactions, along with several new and current family office investors.
Founded in 2014, ADF is a technology-enabled lender and asset manager which provides unsecured, personal loans to consumers often overlooked by traditional financial institutions. It has originated over $100 million in loans and has 180 employees in offices in New York, San Diego and Chennai, India.
The financing will fuel ADF’s continued growth and allow the company to reach even more individuals in need of straightforward, affordable loans.
“Since we founded ADF, we’ve employed an unrelenting focus on careful testing and risk management. We view this successful fundraising as a validation of that approach, and we are now poised to accelerate the growth of our business,” said Krishna Gopinathan, co-founder and CEO at ADF.
“ADF combined talent with a history of innovation in the industry with financial, technological and capital markets acumen to bring a new lending model to the market. We believe ADF has great opportunities for growth,” said Rick Buoncore, managing partner of MAI. “The number of Americans without a financial cushion is stunning. With no access to the traditional banking and credit system, ADF’s innovative and responsible approach to lending is a welcome relief to these individuals.”
MAI is a registered investment advisor based in Cleveland, Ohio, with offices in Florida, New Hampshire and California.
Victory Park is an alternative investment firm that finances both emerging and established businesses seeking liquidity and/or capital structure reforms with the goal of accelerating value creation.
Park Cities Asset Management is an alternative credit manager focused on deploying capital across asset classes in the specialty finance and fintech sectors.
